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DCCI invites Japanese investment in Bangladesh auto industry

  • Special Correspondent
  • 11 October, 2021 12:00 AM
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DCCI invites Japanese investment in Bangladesh auto industry
DCCI President Rizwan Rahman presents a souvenir to Japanese Ambassador to Bangladesh ITO Naoki during his visit at DCCI in the capital on Sunday.

President of Dhaka Chamber Commerce and Industry (DCCI) said the automotive industry in Bangladesh could be an emerging investment destination for Japanese entrepreneurs.

At a meeting, Ambassador of Japan in Bangladesh ITO Naoki also echoed the words that the automotive industry of Bangladesh could be a good destination of investments for Japanese investors.

Naoki said Japan’s Mitsubishi already completed their feasibility study in Bangladesh and hoped that decision on investment would be made by the next year.

The discussions were held at a bilateral business meeting between Ambassador of Japan and DCCI president Rizwan Rahman yesterday. 

During the meeting, Rizwan Rahman said Bangladesh and Japan have a strong bilateral business relationship since long.

He thanked the Japanese government for providing COVID vaccines for the Bangladeshi people.

DCCI chief mentioned that in FY2019-20, there was a total trade volume of $2.92 billion between the two nations, where Bangladesh exported $1.20 billion worth of products to Japan and imported $1.72 billion.

But in FY2020-21 during the pandemic, Bangladesh’s export to Japan dropped slightly $1.18 billion, DCCI president said, hoping that it would increase in the coming days.

He informed that 321 Japanese companies are now operating activities in Bangladesh and in March 2021 the Japanese FDI in Bangladesh amounted to $397.15 million.

DCCI president said Bangladesh mainly exports readymade garment products to Japan. He urged the Ambassador to facilitate other promising products for exporting to Japan.

He opined that Japan can play a vital role in skills development in Bangladesh sharing technical know-how and training Bangladeshi entrepreneurs.

He said Bangladesh have been able to send a strong message to the world in terms of keeping positive GDP growth even in the pandemic.  He said the “Japanese Economic Zone” in Araihazar will be able to go in operation by the next year. Naoki hoped it would expedite Japanese investments in Bangladesh.

The Japanese Ambassador suggested that both governments can jointly take an initiative to sign a free trade agreement (FTA). He emphasised the need of a joint study for the purpose.

Naoki mentioned that smooth customs clearance facilities, import transaction, better infrastructure of export processing zones (EPZ) and economic zones (EZ) and skilled human resources will boost the ease of doing business. Bangladesh can be the “China Plus One” investment destination for Japanese companies, the envoy said. DCCI senior vice president N K A Mobin, FCS, FCA, vice president Monowar Hossain and second secretary (Economic Affairs and Development Cooperation Section) of Japan Embassy Shirahata Kasumi were also present during the meeting.